What can you do with a master's in applied statistics?
A master’s in applied statistics opens doors in a world driven by data. Every industry—finance, healthcare, tech, government—relies on numbers to make decisions. But data alone isn’t enough. Without skilled analysts, it’s just a flood of information with no clear meaning. The people who can spot patterns, build models and turn raw data into real-world insights are shaping the future.
This degree teaches you how to work with statistical programming, probability, data mining, machine learning, and big data analytics. These skills help businesses predict trends, scientists track disease outbreaks and governments prepare for economic shifts before they happen. The need for experts in this field isn’t going away—it’s only growing.
Gain the skills to analyze, predict and lead with CMU’s Master of Science in Applied Statistics and Analytics
Where can this path take you? Here are ten career options where statistics drives change.
1. Data scientist
There’s a reason data science has been called the “sexiest job of the 21st century.” Companies are drowning in data but starving for insight. Data scientists bring order to the chaos, using statistical models and machine learning to transform raw information into strategy.
Where you’ll work: Tech companies, financial institutions, healthcare organizations and research firms.
Skills you’ll need: Statistical programming, machine learning, big data analytics and data visualization.
Average salary: $125,000 per year
2. Statistician
Statisticians are the unsung heroes of data-driven decision-making. Whether they’re designing clinical trials, analyzing economic data or crafting experiments to optimize business operations, their work shapes the way industries move forward.
Where you’ll work: Government agencies, pharmaceutical companies, research institutions and private corporations.
Skills you’ll need: Experimental design, probability theory, statistics and survey analysis.
Average salary: $98,000 per year
3. Machine learning engineer
This is where statistics meets artificial intelligence. Machine learning engineers build predictive models that help companies personalize user experiences, automate decision-making and even develop self-driving cars. Their work defines the future of automation and intelligence.
Where you’ll work: AI companies, robotics firms, finance and healthcare.
Skills you’ll need: Statistics, time series forecasting, deep learning and Python programming.
Average salary: $130,000 per year
4. Biostatistician
In medicine and public health, bad statistics mean bad decisions—sometimes life-and-death ones. Biostatisticians apply statistical models to clinical research, tracking disease outbreaks, testing new drugs and analyzing health outcomes on a massive scale.
Where you’ll work: Pharmaceutical companies, hospitals, government health agencies and research universities.
Skills you’ll need: Survival analysis, categorical data analysis, epidemiology meaning the study of disease spread and R programming.
Average salary: $110,000 per year
5. Financial analyst
Markets don’t run on gut feelings anymore. Financial analysts use statistics to assess risk, forecast market trends and guide investment decisions. In a world where algorithms drive billion-dollar trades, those who understand the numbers wield incredible influence.
Where you’ll work: Investment firms, banks, insurance companies and financial consultancies.
Skills you’ll need: Time series forecasting, risk modeling, simulations and Excel Visual Basic for Applications.
Average salary: $95,000 per year
6. Actuary
Risk isn’t just a concept—it’s a quantifiable reality. Actuaries use probability and statistics to assess financial risk, from insurance policies to pension plans. The work may not be flashy, but it’s critical: entire industries rely on these calculations to function.
Where you’ll work: Insurance companies, pension funds, consulting firms and government agencies.
Skills you’ll need: Probability theory, random probability modeling and statistical methods for risk assessment.
Average salary: $110,000 per year
7. Market research analyst
What do people want? Why do they buy what they buy? Market research analysts use statistical tools to dissect consumer behavior, helping businesses refine products, tailor advertising and predict industry trends.
Where you’ll work: Marketing agencies, consumer goods companies, media organizations and research firms.
Skills you’ll need: Variable analysis, A/B testing, survey methodology and data visualization.
Average salary: $78,000 per year
8. Operations research analyst
Efficiency is everything. Operations research analysts use mathematics and statistics to streamline business processes, from airline logistics to supply chain optimization. In a competitive economy, the companies that run smartest win.
Where you’ll work: Government agencies, logistics companies, airlines and manufacturing firms.
Skills you’ll need: Linear programming, simulation modeling, decision analysis and optimization.
Average salary: $92,000 per year
9. Economist
Economists are the architects of financial policy. They use statistical models to study market trends, inflation and trade policies, helping governments and corporations navigate an uncertain economic landscape.
Where you’ll work: Government agencies, consulting firms, research institutions and financial organizations.
Skills you’ll need: Econometrics, forecasting, time-series analysis and macroeconomic modeling.
Average salary: $108,000 per year
10. Data engineer
Data engineers are the builders of the digital age. They design the infrastructure that allows companies to store, process and analyze massive amounts of data. Without them, the work of data scientists and analysts wouldn’t be possible.
Where you’ll work: Tech companies, healthcare organizations, financial institutions and research firms.
Skills you’ll need: Cloud computing, database management, data warehousing and Extract, Transform, Load pipeline development.
Average salary: $115,000 per year
Why a master's in applied statistics?
A master’s in applied statistics isn’t just about landing a job—it’s about future-proofing your career. As industries increasingly rely on data to drive decisions, professionals with statistical expertise will remain in high demand.
Central Michigan University’s Master of Science in Applied Statistics and Analytics provides students with hands-on experience in statistical programming, data mining and advanced analytics. The program equips graduates with the knowledge and practical skills to lead in today’s data-driven world.
Your future in data starts here. See how CMU can help you develop in-demand skills.